REGISTERING COMMODITIES

摘要

A system for generating and managing electronic warehouse receipts (300), where each receipt represents a right to delivery of a predetermined amount of a commodity from an undifferentiated bulk of the commodity. At the request of a buying party to a transaction, the system generates an electronic warehouse receipt (300) from the transaction. The receipt is maintained in an account in a database (318) where the account corresponds to the buying party and where residence of the receipt in the account represents ownership of the receipt by the party owning the account. At the request of an account owner, the receipt may be transferred to an account corresponding to another party so that a trade (302) of the commodity may be reflected in a change in ownership of the receipt. Each party may view the inventory of the electronic warehouse receipts (300) in its own account.